Company co-founded by Joe Rogan being sued for "false, misleading and deceptive advertising"

A health supplement company that Joe Rogan co-founded recently found itself in some legal hot water due to allegations of misleading advertisement of one of their main products. The product called 'Alpha BRAIN' is supposedly a nootropic supplement that is meant to improve memory, focus, and brain processing speed.

On April 23, a lawsuit was filed against Onnit Labs Inc. for claiming their product helped users improve brain function despite clinical trials funded by the organization stating otherwise. The complaint accused the company of false and misleading advertising of 'Alpha BRAIN' after claims that the product performed no better than a placebo in most clinical tests.

While Rogan co-founded the company and regularly promoted 'Alpha BRAIN' on his podcast, he wasn't mentioned in the lawsuit as Onnit Labs Inc. was sold to Unilever in 2021, as per The Independent.

According to The Independent, plaintiff Jean Paul Lotz bought the nootropic supplement five times between Feb. 2020 and Aug. 2021 and saw no improvement in his memory, focus, or other brain functions. He accused the company of deceiving him and aimed to bring forth a class-action lawsuit in New York to represent all those who have been affected by this product.

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How much equity did Joe Rogan own in the Onnit Labs Inc. company?

Joe Rogan is undeniably among the biggest podcasters in the world and is widely considered a voice of authority in combat sports. Rogan is also a fan-favorite UFC commentator and has worked with the promotion for over two decades. Given his fame, it's no surprise that he's managed to use it to his advantage.

Fans of The Joe Rogan Experience podcast are quite familiar with the 'Alpha BRAIN' product and have seen the veteran UFC commentator sport a t-shirt with 'Onnit' written across the front. As mentioned, Onnit Labs Inc. is the company that manufactures 'Alpha BRAIN' and was co-founded by Rogan.

According to SuperMall, Rogan reportedly owns 50% of the company. However, the 56-year-old didn't pay a single penny for his share of the stock. Instead of a financial investment, Rogan offered to be a brand ambassador and spokesperson for the company. This allowed him to earn large amounts of equity without monetary expense.